Irish stockbroker Bloxham ordered to cease trading

Bloxham, a 150-year-old Irish stockbroking firm, has been ordered to cease
trading and is suspended from the Dublin trading floor for accounting
irregularities.

Accountants from KPMG have been called in to examine the books at stockbroker Bloxham while the Central Bank of Ireland, which first raised concerns, has also launched an inquiry.

7:16AM BST 29 May 2012

The stockbroker was found to have financial errors in its returns going back five years after industry watchdogs raised the alarm last Thursday.

It is believed the stockbroking firm was holding assets in reserve which should have totalled €5.8m, not as reported.

The firm said: "On foot of their initial investigations the remaining partners in the firm, who were unaware of these issues, have asked a firm of forensic accountants to verify the position and assist in further investigations."

Accountants from KPMG have been called in to examine the books while the Central Bank of Ireland, which first raised concerns, has also launched an inquiry.

Bloxham said the impact of the misreporting is that it no longer holds sufficient capital to meet the licensing requirements to trade as a stockbroker.

The Central Bank ordered a stop on all regulated activities and that all private client and fund management business be transferred to its larger rival on the Dublin trading floors, Davy. The trading ban came into effect yesterday.